If there were a way to decode to decode the immersive codecs (Atmos, Dts-X and Auto) as well as get their immersive upmixers in a PC then maybe, but at the moment there isn't any that I'm aware of (I have looked several times and not found any viable options), so I'll stick to my SSP that can decide 16 channels (soon upgradable to 24) and post process 32 channels.
For movie playback though my primary device is a PC and continue to be, but having the SSP in the chain makes it easy for others in the house hold to use that are more comfortable using other source devices like ATV & Chromecast.
Yup I basically am using my NAD to do the same thing. As we have different source of video and audio, or worse, have HDMI inputs that include both - we are pretty much stuck with a receiver or processor, which can easily cost several times more than a good PC.
What these receiver/processor has that a PC don’t in terms of digital signal chain processing, is a surrounding sound decoder chip. A PC does decoding using its CPU only, and a PC CPU easily has several hundreds or more times of computing power than a receiver/processor. And with all the open source players these day, It’s stunning to see no one are using a PC as a AV processor.
Just to let you know, Dolby does have Dolby headphone available for PC (for a price). What that does is process your multi-channel soundtracks and mimicking dummy head recording. It maps all the channels sent to it (ATMOS especially) and If you configure it right, you can hear sound as it’s coming from behind, or above, or below, through a pair of headphones. I’ve used it for a year or so already, and it’s definitely some good immersive experience.
For player, I mainly use potplayer at the moment because of its fully configurable structure. And it decodes all multi channel soundtracks with no problem at all. For upmixing it isn’t available at the moment, but not because a PC cannot (think all the DSP available on PC vs only several modes of audio filters in a Receiver) but rather no one has developed it because the demand is extremely low. Most people won’t hear a difference between different DAC or they don’t care, so why bother using a PC to do what a cheap receiver can do with ease?
And just think by downloading new softwares you can have your “PC receiver” continue to support latest audio format without buying new equipment...how good is that.
But if there are demands, there will be products soon. For example, Now as active speakers are rising quickly, soon we will see home theatre setups using only digital cables. (Such as sonos home theatre, using Ethernet cable to go to the speakers) if all you see is digital cables in your theatre (as all DAC and analogue part are done within the speaker itself) I don’t see a reason for receiver to continue to exist, rather than acting as a source switcher.
Basically all we need are PC soundcards with several digital inputs and many digital outputs. for like several hundred bucks to the most. We are only paying for its physical interfaces, need good connection at least. But it does not affect sound quality in any way, it is affected by the software and DAC, plus amp.
Can’t think of a reason it doesn’t exist, in 2020 still. Sigh.